Khlibprom increases revenue 22% y-o-y in 1Q11

Khlibprom (UX: HLPR UK) reported its 1Q11 financials in a security commission filing yesterday. The company’s non-consolidated revenues grew 22% y-o-y to UAH 175.5 mln, EBITDA decreased 4x y-o-y to UAH 2.7 mln, and its net losses amounted to UAH 14.5 mln vs. net income of UAH 0.3 mln in 1Q10. The company attributed its 1Q11 losses to a lag in the pass-through of the wheat price increase to bread price appreciation and to non-operating currency exchange losses.